Monday, September 23, 2019

Debt Management Office Raises N410b to Finance 2018 Budget

The Debt management Office (DMO) says it has raised N410 billion from the Domestic Capital market to fund the 2018 budget.

The Director General of the DMO, Ms Patience Oniha, disclosed this at a press briefing in Abuja, Tuesday morning.

She also revealed that the Nations total public debt stood at N22.37 trillion ($73.31b) as at June 2018, of which $22billion was external.

The Debt Management Office boss however said, that the country’s debt profile remains sustainable. She said that her team’s strategy of increasing the External Debt stock through external borrowing and the substitution of high cost domestic debt with low cost external debt, has crashed interest rates to within 11% – 14% from about 18% last year.

More details later

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